Fitch assigns R&F HK B+

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of B+ to R&F Properties (HK) Co. Ltd. Fitch also gave it a senior unsecured rating of B+ with a recovery rating of RR4.

Also, Fitch affirmed all outstanding dollar-denominated notes issued by Easy Tactic Ltd., a wholly owned subsidiary of RFHK, at B+. The rating on the notes aligns with the rating of RFHK, which guarantees them. RFHK’s parent, Guangzhou R&F Properties Co. Ltd. provides credit support, via a keepwell deed and deed of equity interest purchase and investment undertaking, to the notes.

RFHK is controlled and managed by Guangzhou R&F, which Fitch rates B+ with a negative outlook.

The outlook is negative, which reflects Guanzhou R&F’s outlook.

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